Dozens of entrepreneurs to benefit from new initiative

UK Steel Enterprise has announced the launch of a new fund that will help boost dozens of start-up businesses in North Lincolnshire over the next twelve months.

The Kickstart Fund initiative, launched in partnership with North Lincolnshire Council and the Growth Hub, has been introduced in a bid to support people looking to establish a business or become self-employed by helping with initial costs – especially for those with limited funds.

Grants of between £500 and £1,000 will be made available to the budding entrepreneurs, alongside guidance and advice provided by Growth Hub advisers.

A spokesperson for UK Steel Enterprise – the part of Tata Steel which invests in companies and communities in steel regions to help them grow and create jobs – today confirmed that an initial £40,000 is being set aside for the grants.

The company has also committed additional support to help existing companies in the region to grow, and can provide investment finance of up to £1m to facilitate expansion and create job opportunities; as well as loans on favourable terms of up to £100,000.

The new Kickstart Fund further complements that offering, providing both financial and business advice support which can be accessed via the Growth Hub and North Lincolnshire Council as well as the UK Steel Enterprise team.

Keith Williams, Regional Manager for UK Steel Enterprise, said: “Small businesses are the life blood of the economy, but starting a business is a big challenge.  This funding, as well as the support and advice provided alongside it, will help those budding entrepreneurs who need an extra boost to get the ball rolling.

“In time we hope that some of these companies will develop and expand – eventually generating further job opportunities across the region.

“We are committed to supporting the local business community, and would like to hear from any organisation looking for finance in order to facilitate growth – whether in need £500, £50,000 or £500,000.”

The new Kickstart Fund is open to anybody starting a business in North Lincolnshire, including those affected by restructuring at Tata Steel.

Baroness Liz Redfern, Council leader & chair of the steel task force, said: “The UKSE Kickstart grants will help people meet the business costs associated with becoming self-employed or starting a small business. Starting out a new business can be very difficult, so we want to offer a helping hand to get people on the right track.

“We are also offering support to people through our Growth Hub, where people can talk to a business advisor about their business plans and receive guidance on how to start-up a business.

“If you’re looking at becoming self-employed or starting up your own business, get in touch with our economic development team to apply for the funding.”

If you are considering starting a business and would like to talk through your plans with a Growth Hub adviser or would like more information about the UKSE Kickstart Fund please contact the council’s economic development team on 01724 297330 or email businessinfo@northlincs.gov.uk.

If you are an established business which needs growth finance then please contact UK Steel Enterprise on 0800 915 1188.

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